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Sioux Falls Man Starts Bitcoin Mining Business

February 21, 2014, 12:03 PM by Hailey Higgins

Sioux Falls Man Starts Bitcoin Mining Business
SIOUX FALLS, SD -

Bitcoin, a digital currency, is quickly gaining steam as the next major contender in the global economy.  A Sioux Falls man is earning a living "mining" the cryptocurrency.

Twenty-three-year-old Ian Dixon became intrigued with Bitcoin in 2011 and just recently decided to pursue mining fulltime with his business, WeMineCoins.

In the somewhat mysterious digital currency, Bitcoin miners use special software to solve math problems and are issued a certain number of Bitcoins in exchange.  With paper money, a government decides when to print and distribute the money but because Bitcoin doesn't have a central government, miners can essentially mint the currency themselves.

Right now, a Bitcoin is worth about $600. But the value is fluctuating wildly.  A rush of investors in December pushed the currency to $1,000. 

Hear from Dixon about his Bitcoin mining business tonight on KELOLAND News.

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